No. Many people are looking for cash loans without any credit checks but this is a product which doesn’t exist. Every lender is legally obliged to run checks before issuing a loan.
It is right to be cautious about any sort of loan as they are a commitment and they do cost money. However, if you do have a poor credit record then it may not be a bad decision, but it will depend on how well you manage the loan yourself. It is therefore worth having a look at yourself and whether you have the right characteristics for being able to handle a loan well.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
It is really important to be able to manage your money well. You will need to make sure that you have enough money available to repay the loan when it is due as well as being able to manage for the following month with less money. This can be really tricky and only you will know whether you have the skills to be able to achieve this.
In order to achieve this you will need to be able to stick to a budget. You will know how much money you will have available to spend, it will be your pay minus the loan repayment. You will then need to make sure that is all the money you spend in the next month. You will need to make sure that you have enough to cover your bills and then be careful with what is left so that you only spend what you can afford.
If you are an impulse buyer then it could be very difficult for you to manage in this situation. It will be hard for you to stick to a budget and not spend more money than you should. You could get around this by avoiding shops and shopping, but this could be tricky as well, especially if you need to go food shopping and you tend to impulse buy in food shops.
It will make sense to compare prices on all of the things that you are buying so that you know that you are not paying more than necessary for them. You may be able to do this online for some items and also when you are in the shops. It can take quite a lot of time, but it is worth it if you have a tight budget to stick to as you do not want to spend more than you have to.
It can be useful if you are capable of making some extra money. This could help you out when you are trying to manage your repayment and there could be a lot of things that you could try. You could look online to see if there is any extra work, see if you can do some overtime in your job or sell things to make money. There are lots of things to try, but you will have to find one that will suit you and the skills that you have.
If you get into a panic about not having enough money or being in debt then this can be a disaster. When we panic we do not think clearly and this means that we can make poor decisions. It is therefore important to stay calm and clear headed.
Although not every one of these skills will be necessary at all times you should be able to see how hard you will need to work if you do get a cash loan and need to make sure that you are able to repay it and manage afterwards. There are a lot of things that you will need to concentrate on and it will take commitment and calm as well as money management skills and the time to compare prices and do some extra work. It is a lot to ask but if you can manage to do most of these, it will allow you to be able to manage a cash loan.